Class action lawsuit attorneys are currently looking for potential plaintiffs to bring overdraft fee lawsuits against various credit unions.
These credit union class action lawsuits will likely allege that the credit unions committed illegal overdraft practices. Other potential claims against credit unions may include a failure to disclose fee structures, the mismanagement of funds, and other improper financial practices.
Some of the financial institutions that are being investigated include credit unions such as Vystar Credit Union, Space Coast Credit Union, Alliant Credit Union, Star One Credit Union, Suncoast Credit Union, Boeing Employees Credit Union and many others.
Over the years credit unions have gained popularity in the United States. Many consumers have been drawn to credit unions due to their lower fees in comparison to some of the bigger banks, but statistics suggest that over the years credit union overdraft fees have been slowly rising.
How do overdraft programs work?
Overdraft protection is a common service offered by most banking institutions. It allows consumers to make purchases with their checking accounts even if they have insufficient funds to complete the purchase. These purchases are often covered by an overdraft fee.
An overdraft fee is a fee imposed by a financial institution or credit union when a consumer overspends the funds in their account and uses the overdraft protection service. Back in 2010 the federal government instituted regulations that prohibited credit unions and other banking institutions from charging overdraft fees unless the customers had opted into the overdraft protection program.
The terms and conditions of an overdraft protection program can vary from institution to institution. VyStar Credit Union is one of many credit unions that offers overdraft protection. For banking customers who opt in to the Vystar Credit Union overdraft protection program, the program requires no annual or monthly fee.
Instead a fee is applied when a customer overdraws their account. The overdraft protection money can come from a savings or market account or from a signature line of credit.
A signature line of credit offers an unsecured line of credit to customers up to a certain limit. According to the International Business Times the cost of maintaining insufficient funds in a Vystar account is $32.
Space Coast Credit Union also offers its banking customers overdraft protection services. Similar to VyStar Credit Union, Space Coast Credit Union does not charge its customers to sign up for the protection program and does not charge a monthly or annual fee. Their fee for insufficient funds is $30.
These fees can add up quickly for customers, especially when a customer only overdraws their account by a few dollars. The effect is more impactful if customers did not opt into the overdraft protection program and were not expecting the charges.
Overdraft Fee Class Action Lawsuits
The decision to pursue an overdraft fee lawsuit is one that should be made after weighing all the facts and circumstances of each individual’s case. Class action lawsuit attorneys can assist potential plaintiffs in determining whether or not to bring a lawsuit.
Successful plaintiffs may receive compensation for the wrong they have suffered. Lawsuits like these also help hold financial institutions accountable for their actions and reminds these companies that they cannot take advantage of their customers.
Do YOU have a legal claim? Fill out the form on this page now for a free, immediate, and confidential case evaluation. Some of the credit unions being investigated include, but are not limited to:
State Employees Credit Union
Pentagon Federal Credit Union
Boeing Employees Credit Union
Alliant Credit Union
Star One Credit Union
First Technology Federal Credit Union
America First Federal Credit Union
Randolph Brooks Federal Credit Union,
Suncoast Credit Union
Randolph Brooks Federal Credit Union
American Airlines Federal Credit Union
Mountain America Federal Credit Union
Vystar Credit Union
Space Coast Credit Union
Patelco Credit Union
The attorneys who work with Top Class Actions will contact you if you qualify to let you know if an individual lawsuit or class action lawsuit is best for you. Hurry — statutes of limitations may apply.
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Join a Free Credit Union Overdraft Fee Class Action Lawsuit Investigation
If your credit union charged you overdraft fees, you may have a legal claim. Fill out the form on this page now to find out if you qualify!
An attorney will contact you if you qualify to discuss the details of your potential case.
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